Guangdong province, showed less willingness to move or expand, leading to weaker demand for Grade-A offices in 2018 due to lower growth in businesses, according to an industrial report.
The report, released by global real estate service provider Colliers International on Tuesday, indicated Guangzhou's exports to Asia, Europe and Africa registered negative growth in 2018.
"The sectors related to trade, for example, finance and manufacturing, showed weaker demand for business expansion," said Alan Fung, managing director of Colliers International for South China.
The finance sector, impacted by global economic rebalancing and China's deleveraging policies, showed weaker demand for Grade-A offices, accounting for 15 percent of new leasing space, a decline of 11 percentage points compared to 2017 according to the report.
